Eight months af­ter fil­ing for IPO, the mak­er of Chi­na's Ebo­la vac­cine joins HKEX with $161M raise

The Hong Kong stock ex­change is wel­com­ing its first pre-rev­enue vac­cine mak­er on board.

Tian­jin-based CanSi­no scored $160.5 mil­lion in an IPO by sell­ing 57.2 mil­lion shares at $2.8, or HK$22, the top of the range. Around 40% of the cap­i­tal came from lo­cal in­vestors and the rest went to in­ter­na­tion­al com­mu­ni­ty, both of which over­sub­scribed. The pub­lic de­but donned a val­u­a­tion of $611.6 mil­lion, ac­cord­ing to Bio­Cen­tu­ry.

Xue­feng Yu

Known do­mes­ti­cal­ly for its ap­proved Ebo­la vac­cine, CanSi­no’s sto­ry traces back to a bar­beque in Toron­to a decade ago, where the four Chi­nese-Cana­di­an founders — se­nior ex­ecs at Sanofi Pas­teur, As­traZeneca and Wyeth at the time — de­cid­ed they want­ed to do more than just lament­ing the glar­ing hole in Chi­na’s vac­cine field.

Xue­feng Yu took up the chair­man and CEO role, Tao Zhu be­came the CSO, while He­len Hui­hua Mao and Dongxu Qiu both helped as deputy gen­er­al man­agers. To­geth­er, they built up a pipeline of 15 vac­cine can­di­dates across 12 dis­ease ar­eas, en­tic­ing top-notch in­vestors Lil­ly Asia Ven­tures and Qim­ing Ven­tures as well as the state-owned Fu­ture In­dus­try De­vel­op­ment Fund.

LAV dou­bled down as one of the cor­ner­stone in­vestors of the IPO along­side Or­biMed and Tsinlen Zhuo Rui In­vest­ment (an af­fil­i­ate of the Tian­jin gov­ern­ment), which to­geth­er pur­chased about 16 mil­lion shares.

Tao Zhu

CanSi­no pledged to spend the vast ma­jor­i­ty of the raise to R&D and com­mer­cial­iza­tion ef­forts around its clin­i­cal prod­ucts. That ranges from two Phase III meningo­coc­cal pro­grams and two Phase I DTP vac­cines to an ear­ly-stage tu­ber­cu­lo­sis boost­er and a next-gen, pro­tein-based pneu­mo­coc­cal vac­cine.

The plan, they wrote in their ap­pli­ca­tion last Ju­ly, is to have 100 staffers ded­i­cat­ed to sell­ing the vac­cines to lo­cal cen­ters for dis­ease con­trol, ini­tial­ly in 30 eco­nom­i­cal­ly-de­vel­oped cities and grad­u­al­ly ex­pand­ing to oth­er lo­ca­tions.

Mean­while, half a dozen pre­clin­i­cal as­sets — cov­er­ing com­mon sus­pects like shin­gles and Zi­ka — will split 10% of the IPO mon­ey.

CanSi­no will be­gin trad­ing on Thurs­day, join­ing the HKEX close to the first an­niver­sary of the new list­ing rules that opened it up to pre-rev­enue biotechs. Im­muno-on­col­o­gy play­er CStone Phar­ma is the on­ly oth­er com­pa­ny so far in biotech class of 2019, hav­ing bagged $285 mil­lion in Feb­ru­ary.

Nick Leschly via Getty

UP­DAT­ED: Blue­bird shares sink as an­a­lysts puz­zle out $1.8M stick­er shock and an un­ex­pect­ed de­lay

Blue­bird bio $BLUE has un­veiled its price for the new­ly ap­proved gene ther­a­py Zyn­te­glo (Lenti­Glo­bin), which came as a big sur­prise. And it wasn’t the on­ly un­ex­pect­ed twist in to­day’s sto­ry.

With some an­a­lysts bet­ting on a $900,000 price for the β-tha­lassemia treat­ment in Eu­rope, where reg­u­la­tors pro­vid­ed a con­di­tion­al ear­ly OK, blue­bird CEO Nick Leschly said Fri­day morn­ing that the pa­tients who are suc­cess­ful­ly treat­ed with their drug over 5 years will be charged twice that — $1.8 mil­lion — on the con­ti­nent. That makes this drug the sec­ond most ex­pen­sive ther­a­py on the plan­et, just be­hind No­var­tis’ new­ly ap­proved Zol­gens­ma at $2.1 mil­lion, with an­a­lysts still wait­ing to see what kind of pre­mi­um can be had in the US.

Ted Love. HAVERFORD COLLEGE

Glob­al Blood Ther­a­peu­tics poised to sub­mit ap­pli­ca­tion for ac­cel­er­at­ed ap­proval, with new piv­otal da­ta on its sick­le cell dis­ease drug

Global Blood Therapeutics is set to submit an application for accelerated approval in the second-half of this year, after unveiling fresh data from a late-stage trial that showed just over half the patients given the highest dose of its experimental sickle cell disease drug experienced a statistically significant improvement in oxygen-wielding hemoglobin, meeting the study's main goal.

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News­mak­ers at #EHA19: Re­gen­eron, Ar­Qule track progress on re­sponse rates

Re­gen­eron’s close­ly-watched bis­pe­cif­ic con­tin­ues to ring up high re­sponse rates

Re­gen­eron’s high-pro­file bis­pe­cif­ic REGN1979 is back in the spot­light at the Eu­ro­pean Hema­tol­ogy As­so­ci­a­tion sci­en­tif­ic con­fab. And while the stel­lar num­bers we saw at ASH have erod­ed some­what as more blood can­cer pa­tients are eval­u­at­ed, the re­sponse rates for this CD3/CD20 drug re­main high.

A to­tal of 13 out of 14 fol­lic­u­lar lym­phomas re­spond­ed to the drug, a 93% ORR, down from 100% at the last read­out. In 10 out of 14, there was a com­plete re­sponse. In dif­fuse large B-cell lym­phoma the re­sponse rate was 57% among pa­tients treat­ed at the 80 mg to 160 mg dose range. They were all com­plete re­spons­es. And 2 of these Cars were for pa­tients who had failed CAR-T ther­a­py.

Neil Woodford, Woodford Investment Management via YouTube

Un­der siege, in­vest­ment man­ag­er Wood­ford faces an­oth­er in­vest­ment shock

Em­bat­tled UK fund man­ag­er Neil Wood­ford — who has con­tro­ver­sial­ly blocked in­vestors from pulling out from his flag­ship fund to stem the blood­let­ting, af­ter a slew of dis­ap­point­ed in­vestors fled fol­low­ing a se­ries of sour bets — is now pay­ing the price for his ac­tions via an in­vestor ex­o­dus on an­oth­er fund.

Har­g­reaves Lans­down, which has in the past sold and pro­mot­ed the Wood­ford funds via its re­tail in­vest­ment plat­form, has re­port­ed­ly with­drawn £45 mil­lion — its en­tire po­si­tion — from the in­vest­ment man­ag­er’s In­come Fo­cus Fund.

Search­ing for the next block­buster to fol­low Darza­lex, J&J finds a $150M an­ti-CD38 drug from part­ner Gen­mab

Now that J&J and Genmab have thrust Darzalex onto the regulatory orbit for first-line use in multiple myeloma, the partners are lining up a deal for a next-gen follow-on to the leading CD38 drug.


Janssen — J&J’s biotech unit — has its eyes on HexaBody-CD38, a preclinical compound generated on Genmab’s tech platform designed to make drugs more potent via hexamerization.


Genmab is footing the bill on studies in multiple myeloma and diffuse large B-cell lymphoma; once it completes clinical proof of concept, Janssen has the option to license the drug for a $150 million exercise fee. There’s also $125 million worth of milestones in play.

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Gene ther­a­pies seize the top of the list of the most ex­pen­sive drugs on the plan­et — and that trend has just be­gun

Anyone looking for a few simple reasons why the gene therapy field has caught fire with the pharma giants need only look at the new list of the 10 most expensive therapies from GoodRx.

Two recently approved gene therapies sit atop this list, with Novartis’ Zolgensma crowned the king of the priciest drugs at $2.1 million. Right below is Luxturna, the $850,000 pioneer from Spark, which Roche is pushing hard to acquire as it adds a gene therapy group to the global mix.

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Savara shares are crushed as PhI­II tri­al flunks pri­ma­ry, key sec­on­daries — but they can’t stop be­liev­ing

In­vestors are in no mood to hear biotechs tout the suc­cess of a “key” sec­ondary end­point when the piv­otal Phase III flunks the pri­ma­ry goal. Just ask Savara. 

The Texas biotech $SVRA went look­ing for a sil­ver lin­ing as com­pa­ny ex­ecs blunt­ly con­ced­ed that Mol­gradex, an in­haled for­mu­la­tion of re­com­bi­nant hu­man gran­u­lo­cyte-macrophage colony-stim­u­lat­ing fac­tor (GM-CSF), failed to spur sig­nif­i­cant­ly im­proved treat­ment out­comes for pa­tients with a rare res­pi­ra­to­ry dis­ease called au­toim­mune pul­monary alve­o­lar pro­teinosis, or aPAP.

As an­oth­er an­tibi­otics biotech sinks in­to a cri­sis, warn­ings of a sec­tor ‘col­lapse’

Another antibiotics company is scrambling to survive today, forcing the company’s founding CEO to exit in a reorganization that eliminates its research capabilities as the survivors look to improve on minuscule sales of their newly approved treatment. And the news — on top of an alarming series of failures — spurred at least one figure in the field to warn of a looming collapse of the antimicrobial resistance research field.

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Fol­low­ing CAR-T pi­o­neer­s' foot­steps, Tes­sa launch­es Chi­na JV in $120M deal

These days just about every biotech se­ri­ous about glob­al de­vel­op­ment — and not just com­mer­cial­iza­tion — has a Chi­na strat­e­gy. Tes­sa Ther­a­peu­tics, a Bay­lor as­so­ci­at­ed out­fit based out of Sin­ga­pore, is no ex­cep­tion.

Tak­ing a page out of the CAR-T pi­o­neers’ play­book, Tes­sa is es­tab­lish­ing a joint ven­ture with Chi­na-Sin­ga­pore Guangzhou Knowl­edge City, which is ini­tial­ly putting down $40 mil­lion for a 13% stake with $40 mil­lion more to come in a sec­ond stage. The biotech, which now re­tains an 87% con­trol, is al­so rolling out its own con­tri­bu­tions in two phas­es, start­ing with $20 mil­lion and all its tech­nol­o­gy li­cense rights for Chi­na.